Expense

Student Loan Payments

March 22, 2010

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Today TaxMama hears from Heidi in California, with a common misunderstanding. “I know I can report student loan interest paid, but I’m wondering if I qualify for the tuition and fees deduction if I officially ended school in 2008, graduated in Jan. of 2009, and made payments for all of 2009.” Share this:

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Franchise Costs

December 23, 2009

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Today TaxMama hears from Bill in North Carolina, with this question. “What is the tax treatment of equipment that is included in the payment of franchise fee? Is it all considered amortizable start-up cost? Or is the equipment depreciated separately starting with the day it opens for business? I am concerned about local business property [...]

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Per Diems on 1099s

December 21, 2009

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Today TaxMama hears from Rita in Oklahoma, with this question. “I will issue several 1099’s this year. I need to know how to categorize their ‘’per diem’’ pay. Is it broken out; or does it get lumped together in Box #7-Nonemployee compensation?” Share this:

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Record Keeping for Business Barter Transactions

December 11, 2009

Courtesy of IRS In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service [...]

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Storing Dad’s stuff

September 22, 2009

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Today TaxMama hears from Sandra in California, who tells us. “I have a client that inherited a house from her father. She kept it as a rental income property. She cleared out all of his possessions from the property and put them in storage. Now she wants me to categorize the on-going storage expense as [...]

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Home Office Expense Carryover

August 19, 2009

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Today TaxMama hears from Mark in Illinois, with this problem. “Taxpayer has claimed the home office deduction for a couple of years. There is a build up of carryover expenses. During 2008 taxpayer quit doing business from his home. Taxpayer continued in the same line of business for the remainder of the year from a [...]

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Dogs in Kennels

July 27, 2009

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Today TaxMama hears from Yvonne in Texas, who wants to know. “ A client that has a business has to go out of state to do a job. She has to kennel her dogs while she is away on business. Is this expense of kenneling her dog a legal expense for tax purposes?” Share this:

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Team Sponsorship

May 21, 2009

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Today TaxMama hears from Stacy in California with this situation. “My husband runs a travel softball team and we allowed the players to get sponsors. The rule was that the first 25% of the sponsorship went to the team; and the other amount went to their individual accounts. We have a player who did this, [...]

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